"The management continues to exhibit top-notch execution with record breaking results amidst the sporadic relaxation or tightening of movement control and lockdown.
"We believe the group is capable of continuing the growth trend entering into FY22 as demand for chips remains strong around the world," said Kenanga Research in a note.
It added that the group continues to experience high demand for its power management chip packaging service as data centres are starting to see the need for expansion due to higher bandwidth usage among consumers working from home.
Demand for bandwidth will only increase further with the adoption of 5G, it added.
Kenanga expects MPI to be ready to take on tremendous growth in the automotive space as it has positioned itself to be automotive centric.
"From our channel check, many automotive IDMs are securing wafer supply for up to two years with a non-cancellation clause.
"This will eventually trickle down to the OSAT space and MPI will be ready to take on more packaging jobs," it said.
The research house maintained "outperform" on MPI with a higher target price of RM56.20 based on 35x price-earnings ratio on higher projected 2022 earnings per share.